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Stephanie Kelton has the biggest idea in Washington

Huffington Post, May 20, 2018. All Rights Reserved. Highlighting the recent Public Service Employment program proposal by Stephanie Kelton, L. Randall Wray, Pavlina Tcherneva, Scott Fullwiler, and Mathew Forstater, Huffington Post's Zach Carter offers a profile of Levy Research Associate Stephanie Kelton's work in academia and Washington. Read more: https://www.huffingtonpost.com/entry/stephanie-kelton-economy-washington_us_5afee5eae4b0463cdba15121

Working Paper No. 907

Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution

The paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within a standard post-Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and related to the first, the SSM model is a model of the long run and […]

The Levy Institute announces the passing of Senior Scholar Fernando Cardim de Carvalho

Working Paper No. 906

The Dynamics of Japanese Government Bonds’ Nominal Yields

This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC) models to estimate long-term government bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan’s (BoJ) accommodative monetary policy, […]

Press Release

Inefficient tax cuts will not have a significant impact on GDP growth due to high income inequality and household indebtedness, new Levy Institute study suggests

Working Paper No. 905

Reflections on the New Deal

I subject some aspects of Roosevelt’s “New Deal” to critical analysis, with particular attention to what is termed “liberal democracy.” This analysis demonstrates the limits to reform, given the power of “vested interests” as articulated by Thorstein Veblen. While progressive economists and others are generally favorably disposed toward the New Deal, a critical perspective casts […]

Blog

On the Costs of Doing Without a Job Guarantee

Pavlina Tcherneva — who, along with L. Randall Wray, Flavia Dantas, Scott Fullwiler, and Stephanie Kelton, authored this report estimating the economic impact of a job guarantee proposal (the Public Service Employment program) — was interviewed by Bloomberg’s Joe Weisenthal and Julia Chatterley about the purposes and costs of the plan. This recently released policy note [...]

Policy Notes No. 3

A Consensus Strategy for a Universal Job Guarantee Program

The idea of a universal job guarantee (JG) policy for the United States has become the subject of renewed public debate due to a number of high-profile political endorsements. L. Randall Wray recently coauthored a report that presented a JG proposal—the Public Service Employment program—along with estimates of the economic impact of the plan. However, […]

Working Paper No. 904

Corporate Debt in Latin America and its Macroeconomic Implications

This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets of their respective countries, comprising 34 sectors […]

Blog

The Massive Need for Infrastructure in the Emerging and Developed World

by Felipe Rezende This is the first in a series of blog posts on financing infrastructure assets Insufficient or inadequate infrastructure in both developing and developed economies has sparked a debate about whether financing is sufficient to sustain infrastructure investment to at least keep pace with projected global GDP growth. The task of keeping the [...]

Blog

27th Annual Minsky Conference Presentations

The 27th Minsky Conference — “Financial Stability in a World of Rising Rates and the Repeal of Dodd-Frank” — just wrapped up yesterday. Anyone interested in the slide presentations can find them below: Welcome and Introduction Jan Kregel, Director of Research, Levy Institute Remarks in PDF Session 1. US AND GLOBAL ECONOMIC OUTLOOK MODERATOR: L. Randall Wray, Senior [...]

Press Release

Federal Job Guarantee Program Would Create Millions of New Jobs and Boost GDP and Private Sector Growth, With Minimal Impact on Inflation, New Levy Institute Report Says